Future Shop closes its doors in restructuring move

Future Shop outlets, including this one in London, Ont., are closing their doors, throwing 1,500 employees out of work.

About 1,500 people are out of work as Future Shops in Canada are closing their doors.

Company spokesman Thierry Lopez says 66 Future Shops will close for good, while 65 others will become Best Buy Stores

The technology retailer's parent company moves to rebrand many of its stores under the Best Buy tag.

Best Buy Co., Inc, which owns and operates Future Shop and its competitor, Best Buy, confirmed the shift on Saturday.

London employees were told the news this morning when they reported for work.  The Wellington Road location of Future Shop as well as the Hyde Park store, has a sign on the doors alerting customers they had closed.

"Wow. It's strange. It's too bad. it's just another store that bites the dust with all the competition," one London customer said.

Best Buy says it will have 192 retail locations after the restructuring is complete.

The closing means leaves 500 full time and 1,000 part time employees out of work.